TIKEHAU CAPITAL INVESTOR PRESENTATION OCTOBER 2019 Strictly confidential
DISCLAIMER By viewing or receiving or reading this Presentation (as such term is defined herein) or This Presentation contains forward looking statements about the Group and its attending any meeting where this Presentation is made, you agree to be bound by subsidiaries. These statements include financial projections and estimates and their the limitations, qualifications and restrictions set out below: underlying assumptions, statements regarding plans, objectives and expectations with respect to future operations, products and services, and statements regarding The existence and content of the presentation that follows (the “Presentation”), future performance. Although the Group believes that the expectations reflected in regarding Tikehau Capital SCA (the “Company”) and the group to which it belongs such forward-looking statements are reasonable, investors and holders of the (the “Group”), does not constitute and should not be construed as a contract or an Group’s securities are cautioned that forward-looking information and statements are offer to contract or a public or non-public, binding or non-binding, offer to sell or a subject to various risks, whether known or unknown, uncertainties and other factors, solicitation of an offer to buy any securities, investment products, share of funds or which may be beyond the control of the Group and which may result in significant other financial product or services in any jurisdiction. This Presentation is not directed differences between the actual performances and those expressly or impliedly set out to, or intended for distribution to or use by, any person or entity that is a citizen or in such forward looking statements. These risks and uncertainties include those resident or located in any locality, state, country or other jurisdiction where such discussed or identified in filings with the Autorité des Marchés Financiers (“AMF”) distribution, transmission, publication, availability or use would be contrary to law or made or to be made by the Group. The Group undertakes no obligation to publicly regulation or which would require any registration or licensing within such jurisdiction. update its forward-looking statements, whether as a result of new information, future The information contained in this Presentation is of an indicative nature and has not events, or otherwise. Any information relating to past performance contained herein is been verified independently. No representation or warranty, whether express or no indication as to future performance. implied, is given regarding the correctness, comprehensiveness or accuracy of the The market data and certain industry forecasts included in this Presentation were information and opinions contained in this Presentation. This Presentation is not obtained from internal surveys, estimates, reports and studies, where appropriate, as meant to serve as a basis for, and shall not be used in connection with an investment well as from external market research, publicly available information and industry decision. No person shall be entitled to rely on, or shall have any claims against the publications. Neither the Company, nor its affiliates, directors, officers, advisors, Company, Tikehau Capital General Partner (the “General Partner”), Tikehau Capital employees, consultants or agents have independently verified the accuracy of any Advisors, any of their affiliates, officers, directors, employees, any of their advisers, external market data and industry forecasts and do not make any undertakings consultants or any other person arising from this Presentation. representations or warranties in relation thereto. Such data and forecasts are included The information contained in this Presentation is indicative as at the date of this herein for information purposes only. Presentation and may have to be updated, amended or completed significantly. This Presentation contains only summary information and does not purport to be comprehensive. The Company, Tikehau Capital General Partner and Tikehau Capital Advisors do not undertake to update, amend or complete the information contained in the Presentation in order to reflect new information, new events or for any other reason and the information contained in this Presentation may therefore be modified without prior notification. INVESTOR PRESENTATION Tikehau Capital 2
DISCLAIMER This Presentation includes certain IFRS pro forma financial information about the Group. This pro forma financial information has been prepared on the basis of historical financial statements of the Company but has not been audited by the Group’s auditors. The pro forma financial information is presented for illustrative purposes only and is not indicative of the results of operations or financial condition. This Presentation or any part thereof is not for publication, release or distribution in the United States. No securities of the Company have been or will be registered under the U.S. Securities Act of 1933, as amended (the “U.S. Securities Act”), or under any state securities laws, and the securities of the Company may not be offered or sold in the U.S. (or to, or for the account or benefit of U.S. Persons) except pursuant to an exemption from, or a transaction not subject to, the registration requirements of the U.S. Securities Act. The distribution of this Presentation and any information contained herein in certain jurisdictions may be restricted by law or regulation and persons into whose possession this document comes should make themselves aware of the existence of, and observe any such restriction. In particular, neither this Presentation, nor any part of it may be distributed, directly or indirectly, in the United-States, Canada, Australia or Japan. Non-compliance with these restrictions may result in the violation of legal or regulatory restrictions in certain jurisdictions. INVESTOR PRESENTATION Tikehau Capital 3
TODAY’S SPEAKERS Co-Founders Management team Henri Marcoux Bruno de Pampelonne Deputy CEO Tikehau IM Chairman Antoine Flamarion Mathieu Chabran Thomas Friedberger Laure Perreard Chief Financial Officer Tikehau IM Co-CEO & Co-CIO Frédéric Giovansili Geoffroy Renard Tikehau IM Deputy CEO General Counsel Head of Sales and Marketing Guillaume Spinner Anne Le Stanguennec Tikehau IM COO Head of Internal Audit Head of Fund Operations and Client Service Ephraim Marquer Emmanuelle Costa Head of Compliance Head of Human Capital Bertrand Honoré Chief Technology Officer Louis Igonet Guillaume Belnat Investor Relations Head of Treasury & Financing TKO’s speakers INVESTOR PRESENTATION Tikehau Capital 4
EXECUTIVE SUMMARY Opportunity to invest in Tikehau Capital’s second bond issue 2 Robust financial performance (1) 1 A fast growing asset manager and investment firm Strong balance sheet (€4bn) highly capitalized (€3bn of Tikehau operates in a structurally growing alternative investments shareholders equity, 3 rd ranking among AAM worldwide peers) market with high and resilient fee margins and reinforced in 2019 by the successful €715m capital increase Total Group AuM more than double in 2 years, with a €35bn target by 2022 Solid growth of recurring revenues from both Asset Management and Investment Activities Four business lines leading to a balanced business model Asset Management Net Operating Margin (“NOPAM”) of 27%, Strong risk management culture thanks to the alignment of boosted by strong revenue growth and cost control interest of all stakeholders 3 Bond issue objectives 4 Investment grade rating metrics General corporate purposes and/or potential repayment of existing Highly selective M&A opportunities under strict financial bank facilities guidelines Maintain regular presence on Euro debt capital markets two years Low balance sheet leverage after TKO inaugural bond Established and well-diversified business model Optimize and rebalance financial flexibility by diversifying funding sources Comfortable Gearing, LTV and liquidity levels Benefit from current market conditions (1) As at 30.06.2019 INVESTOR PRESENTATION Tikehau Capital 5
AGENDA 1 4 Financing structure and Introduction to Tikehau Capital p.7 p.47 liquidity position 2 5 Tikehau Capital’s business Conclusion and transaction p.21 p.53 model and strategy overview 3 6 Financial performance Appendices p.33 p.57 INVESTOR PRESENTATION Tikehau Capital 6
1 Introduction to Tikehau Capital INVESTOR PRESENTATION Tikehau Capital 7
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